The market/consumer research industry grew from 46.09 billion USD in 2014 to a whopping 71.9 billion USD in 2020, an over 25% increase over the period in review. Additionally, the figure increased by 4.5 billion USD in 2021. This shows that companies spend huge amounts of money on market research alone. Market research involves an accurate and detailed understanding of the attitudes and preferences of customers through interviews, surveys, and big data analytics.

As companies seek to cut costs and increase revenue, there are projects leveraging blockchain technology to help these companies achieve their goal. These blockchain-powered projects provide the enabling conditions where the active customers of a business brand or company are gathered to be part of the decision-making processes that require the customer's opinion. This approach eliminates the need for market research firms' services, thereby cutting costs in your business. One of these revolutionary projects is the KAIF DAO Platform. The KAIF DAO Platform is designed as a community-based ecosystem where companies and business organizations can directly engage their customers and product users.

Additional Details about the KAIF DAO Platform

KAIF DAO Platform is the first vote-to-earn platform where brand customers and product users can directly participate in the company's decision-making processes and be rewarded for their time and effort. These customers can participate through voting, activities, and proposals. For example, imagine a beverage company where the customers have an active voice on which flavor to add or remove, product categories to be rolled out into the market, etc. This arrangement will undoubtedly increase customers' faith in the product, thus driving sales and bringing in more money for the company.

The KAIF DAO Platform's community-based model has already been tested on its businesses like the DSV LEOBEN (Austrian Football Club), the KAIF Energy Drink, and the KAIF 5 Star Boxing are already allowing their fans to test how it works. These tasks, like voting and activities (completing tasks, making suggestions, etc.), are elements of fan involvement in the company or brand, which inherently helps increase customer lifetime value (LTV). The application has already been launched, and a number of companies are already voting and increasing their involvement.

Cutting the cost of Market Research

To conduct market research for your business or company means you will have to hire capable hands to go out there and interact with your potential customers and product users. This approach consumes time and money, and the result might not be all-encompassing. The KAIF DAO Platform is disrupting this already existing and inefficient approach by leveraging its DAO model, where your customers and active product users will be part of a community directly involved in the business. DAOs are built on blockchain protocols, which means that the data of active consumers are encrypted and safe in real time. With blockchain technology powering the DAOs, companies can have access to the inputs of active consumers, unlike the surveys conducted on social media platforms which are riddled with bots. You can create your blockchain-based DAOs within the KAIF DAO Platform strictly for your brand users. Within the community, these customers can vote on things like rebranding options, how to improve the product or service, the best incentive for customers, etc.

Additionally, with the DAO model, your customer can submit a proposal to improve the product and serve them better. By enabling companies to create a community of active, loyal customers, the KAIF DAO Platform claims it can help these business brands cut their research expenses on user surveys by up to 10X. Why the companies cut costs using the DAO model, the customers are rewarded with tokens or real/fiat money for participating in the voting process and other activities within the community. It is a win-win scenario for all parties involved.

Final Thoughts

The KAIF DAO Platform and any project with the same business model have all it takes to revolutionize the customer/business relationship. These projects make the customers more active in running their favorite brand, making them 'ceremonial shareholders.' Aside from their voting and proposal inputs, such happy customers will gladly serve as unpaid advertisers, thus helping businesses cut costs on advertising too.  To know more about the KAIF DAO platform and its business model, kindly click here.